Join the larget crypto conference of 2019 in London
$ 9,564.4
$ 238.46
$ 46.74
$ 65.91

200% OmiseGo Pump and Dump Raises Eyebrows

Controversy has returned to cryptocurrency alternate Coinbase after an altcoin it listed surged 200% in 15 minutes — solely to crash instantly afterward.

At the moment a subject of curiosity on social media, Coinbase’s itemizing of OmiseGo (OMG), the 34th ranked cryptocurrency by market capitalization, additionally sparked acquainted accusations of insider buying and selling.

Coinbase ‘premium’ reaches 80%

“OmiseGO (OMG) is launching at and within the iOS and Android apps throughout the subsequent 15 minutes,” the corporate tweeted on Could 21. 

The primary day’s buying and selling was marked by OMG buying and selling at a big premium over different exchanges, notably Binance. At one level, the premium reached 82% on five-minute closing costs.

Matt Casto, an analyst at crypto asset buying and selling group CMT Digital, described the state of affairs as “ridiculous” and argued that the premium was creating “new lifetime bagholders.”

One 15-minute interval additional noticed a 200% value enhance, after which the altcoin nearly instantly crashed.

OMG/USD chart showing Coinbase premium versus Binance

OMG/USD chart displaying Coinbase premium versus Binance. Supply: Matt Casto/ Twitter

A historical past of doubtful launches

Coinbase has but to offer public touch upon the criticism, which for longtime merchants can be harking back to earlier altcoin launches by the alternate. 

Maybe most infamous was Coinbase’s support of Bitcoin Money (BCH), which started climbing in value even earlier than any public announcement of the alternate supporting it. This in flip led to accusations of insider buying and selling, and even an investigation by Coinbase itself, which finally discovered no proof of foul play. 

This time, nevertheless, commentators famous that OMG likewise started its uptrend earlier than an official announcement — so far as seven days prior.

“When will accountability be held? Inform me it’s simply coincidence or is it insider buying and selling,” Twitter account Crypto Pilot responded. 

OMG goes dwell on Coinbase on Could 21, however for some unknown purpose it began a 65% rise on Could 14, 7 days in the past.

At press time, OMG buying and selling costs throughout exchanges had stabilized to round $1.90 per coin.


  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0

Related Posts

Leave a Reply

Notify of

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin9,564.4 0.03 % 0.80 % 9.54 %
Ethereum238.46 0.04 % 1.61 % 18.82 %
Tether0.9994 0.01 % 0.04 % 0.54 %
XRP0.2042 0.11 % 1.14 % 5.15 %
Bitcoin Cash243.27 0.09 % 0.62 % 9.08 %
Bitcoin SV193.75 0.03 % 0.99 % 5.04 %
Litecoin46.74 0.20 % 0.70 % 10.80 %
Binance Coin17.37 0.19 % 0.17 % 8.64 %
EOS2.700 0.05 % 0.82 % 8.31 %
Cardano0.07943 0.53 % 1.37 % 53.76 %

News Today

Miners Have Been Promoting Extra Bitcoin Than They Generate, Latest Knowledge Suggests
June 1, 2020By
Web3 Manufacturers and the Decentralized Renaissance – Cointelegraph Journal
June 1, 2020By
Matic’s Value Crumbles 20% Amid Mainnet Launch
June 1, 2020By
Crypto Journey Reserving Website Travala Sees 46% Month-to-month Improve in Bookings Regardless of Pandemic
June 1, 2020By
Goldman Sachs’ Time-Touring Vampire Squid Fails To Undermine Bitcoin – Cointelegraph Journal
June 1, 2020By
XRP Worth Should Shake 30-Month Lows Vs. Bitcoin to Begin Rally
June 1, 2020By
High Analysts Lay Out Compelling Case for $12Okay Bitcoin Inside a Month
June 1, 2020By
Blockchain and Sensible Contracts Have a ‘Darkish Aspect’, Says Researcher
June 1, 2020By
Kingdom Belief CEO Says Bitcoin Is Digital Manifestation of Austrian Economics
June 1, 2020By


% 1h
% 24h
% 7d
Thanks !

Thanks for sharing this, you are awesome !